40-4008. Issuance of certificate of authority as final act of conversion; conversion not to affect rights of insurer.
40-4008
40-4008. Issuance of certificate of authority as final act ofconversion; conversion not to affect rights of insurer.Within 30 days of receipt of the filing of the approved planin accordance with subsection (f) of K.S.A. 40-4002 and the amendedarticles ofincorporation, the commissioner shall issue a new certificateof authority to the insurer. Notwithstanding the actions of any otherjurisdiction,the issuance of such certificate shall be deemed the final act of conversionand the mutual insurer shall concurrently become a stock insurer. The date ofthe issuance of such certificate shall be the "conversion date" of theinsurer. The stockinsurer shall be a continuation of the mutual insurer and deemed to havebeen organized at the time the converted mutual insurer was organized. Theconversion shall in no way annul, modify or change any of such insurer'sexisting suits, rights, contracts or liabilities except as provided in theplan. The insurer, after conversion, shall exercise all the rights and powersand perform all the duties conferred or imposed by law upon insurers writingthe classes of insurance written by it and shall retain the rights andcontractsexisting prior to conversion, subject to the effect of the plan.
History: L. 1985, ch. 154, § 8;L. 1997, ch. 107, § 10; July 1.